Armbruster Capital Management Inc. Has $382,000 Position in Eastman Chemical Company (NYSE:EMN)

Armbruster Capital Management Inc. maintained its stake in Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,550 shares of the basic materials company’s stock at the end of the second quarter. Armbruster Capital Management Inc.’s holdings in Eastman Chemical were worth $382,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Advisor Partners LLC boosted its stake in Eastman Chemical by 7.4% in the second quarter. Advisor Partners LLC now owns 4,823 shares of the basic materials company’s stock valued at $405,000 after buying an additional 332 shares in the last quarter. TD Asset Management Inc. boosted its stake in Eastman Chemical by 16.0% in the second quarter. TD Asset Management Inc. now owns 621,946 shares of the basic materials company’s stock valued at $52,237,000 after buying an additional 85,948 shares in the last quarter. Palladium Partners LLC boosted its stake in Eastman Chemical by 1.7% in the second quarter. Palladium Partners LLC now owns 170,752 shares of the basic materials company’s stock valued at $14,341,000 after buying an additional 2,897 shares in the last quarter. Retirement Systems of Alabama boosted its stake in Eastman Chemical by 1.7% in the second quarter. Retirement Systems of Alabama now owns 132,045 shares of the basic materials company’s stock valued at $11,090,000 after buying an additional 2,219 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in Eastman Chemical by 18.7% in the second quarter. IFP Advisors Inc now owns 8,344 shares of the basic materials company’s stock valued at $701,000 after buying an additional 1,315 shares in the last quarter. 88.72% of the stock is currently owned by institutional investors and hedge funds.

Shares of Eastman Chemical Company (NYSE EMN) opened at 84.45 on Tuesday. The company has a market capitalization of $12.24 billion, a PE ratio of 13.55 and a beta of 1.28. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.60. The stock has a 50 day moving average of $84.35 and a 200-day moving average of $80.56.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.87%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company earned $1.68 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s payout ratio is currently 32.28%.

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Several equities research analysts recently commented on the stock. Cowen and Company boosted their price objective on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Citigroup Inc. boosted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of Eastman Chemical in a research report on Tuesday, July 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $89.89.

In related news, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is owned by company insiders.